Title data
Herz, Bernhard ; Bauer, Christian:
Monetary and Exchange Rate Stability at the EU - Mediterranean Borders.
In: Revue Economique.
Vol. 57
(2006)
Issue 4
.
- pp. 899-917.
ISSN 0035-2764
DOI: https://doi.org/10.3917/reco.574.0899
Related URLs
Abstract in another language
Stabilizing the exchange rate is a major monetary policy goal in a number of Mediterranean countries. We present a microstructure model of the foreign exchange market based on technical trading that allows us to categorize de facto exchange rate regimes and to derive a market based measure of the credibility of these exchange rate regimes. In our empirical analysis we compare the exchange rate policies of seven non European Mediterranean countries, Algeria, Egypt, Israel, Libya, Morocco, Turkey and Tunisia, with the benchmark of four European non EU countries namely Albania, Bulgaria, Croatia, and Romania. Our results indicate that the fundamental volatility of the market based exchange rates is quite moderate and that markets assign a moderate degree of credibility to the exchange rate management of most of the countries.
Further data
Item Type: | Article in a journal |
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Refereed: | Yes |
Keywords: | monetary policy; exchange rate policy; credibility; Mediterranean; Eastern Europe; technical tradingmonetary policy; technical trading |
Institutions of the University: | Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I - International Economics and Finance > Chair Economics I - International Economics and Finance - Univ.-Prof. Dr. Bernhard Herz Faculties Faculties > Faculty of Law, Business and Economics Faculties > Faculty of Law, Business and Economics > Department of Economics Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I - International Economics and Finance |
Result of work at the UBT: | Yes |
DDC Subjects: | 300 Social sciences > 330 Economics |
Date Deposited: | 13 Apr 2015 07:15 |
Last Modified: | 11 May 2015 05:53 |
URI: | https://eref.uni-bayreuth.de/id/eprint/10155 |